SEBI

Brief Executive Summary of SEBI (ILDS) Regulations, 2008

SEBI - A business may require funds from time to time to expand and/or diversify its operations. It may resort to a variety of financial resources, initially broken into two broad categories, debt and equity. 'Debt' involves borrowing money to be repaid, plus interest, while "equity" involves raising money by selling interests in the company....

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Rights issue of units by an unlisted Infrastructure Investment Trust (InvIT)

SEBI - Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the InvIT ...

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Compliances for Listed Companies with Respect to Companies Came Under the Ambit of IBC, 2016

SEBI - The Companies which are listed on stock exchanges has to mandatorily comply with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2018 or SEBI (LODR). These companies needs to comply with the Quarterly/half yearly/annual and general compliances under SEBI Listing Regulations (LODR), ...

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Guidelines for issue of Units by an Unlisted Infrastructure Investment Trust (InvIT)

SEBI - 1. Relevant Circular – SEBI Circular SEBI/HO/DDHS/DDHS/CIR/P/2020/223 2. Relevant Date – 4th November 2020 3. Relevant Chapter – Chapter VIA 4. Relevant Regulation SEBI (Infrastructure Investment Trusts) Regulations, 2014 5. Purpose of the Circular –  To enable Unlisted InvITs to raise further funds through right ...

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Portfolio Managers – Frequently Asked Questions

SEBI - A portfolio manager is a body corporate, which, pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or goods or funds of the client....

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Consultation Paper on ‘Review of NCDs alongwith warrants’ under QIP

SEBI - Review of the ‘NCDs along with warrants’ as a staple product and as a segregated product, offered through Qualified Institutional Placement under SEBI  (Issue of Capital and Disclosure Requirements) Regulations, 2018...

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Report on disclosures pertaining to analyst meets, investor meets & conference calls

SEBI - The issue of information asymmetry between various classes of investors arising out of limited disclosures in respect of analyst meets/ institutional investors meet/ conference calls was discussed by Primary Markets Advisory Committee (PMAC) in the meeting in July, 2020....

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Consultation Paper on Review of requirement of Minimum Public Offer for large issuers

SEBI - The objective of this consultation paper on Review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957 is to seek comments/ views from the public and market intermediaries on Review of requirement of Minimum Public Offer to large issuers in terms of Securities Contracts (Regu...

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SEBI Consultation Paper on Applicability & role of Risk Management Committee

SEBI - Considering the multitude of risks faced by listed entities, risk management has emerged as a very important function of the board. The Covid-19 pandemic has also reinforced the need for a robust risk management framework....

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Extend SEBI Settlement Scheme, 2020 till 31.03.2021 & Relax Provisions

SEBI - Direct Taxes Professionals’ Association, Kolkata has made a Representation on the Settlement Scheme-2020 introduced in terms of Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018 vide Public Notice dated July 27, 2020. Text of the representation is as follows:- Date: 22.10.2020 To, Shri Ajay Tyagi, IAS Chairman, Securi...

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NDTV Promoters Prannoy & Radhika Roy Guilty Of Insider Trading: SEBI

In Re. Mr. Prannoy Roy & Mrs. Radhika Roy (SEBI) - In Re. Mr. Prannoy Roy & Mrs. Radhika Roy (SEBI) It is a fact on record that Mr. Prannoy Roy was the Managing Director/Promoter and Mrs. Radhika Roy was the Chairman/Promoter of NDTV during the UPSI period and were in possession of the UPSI (PSI-6). That the Noticees have purchased 4835850 share...

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SEBI imposes Rs. 5 Lakh Penalty for non-genuine trading in Illiquid Stock Options

In respect of Pradeep Kumar Kayan (SEBI) - SEBI conducted an investigation into the trading activities of certain entities in Illiquid Stock Options at BSE  for the period April 1, 2014 to September 30, 2015. It was observed that during the investigation period, total 2,91,643 trades comprising substantial 81.38% of all the trades executed ...

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SAT Quashes SEBI’s penalty of Rs. 20 lakhs on DHFL

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal) - Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal) 1. The present appeal has been filed questioning the legality and validity of the order dated 29th May, 2020 passed by the Adjudicating Officer under section 15-1 of the Securities and Exchange Board of India Act, 1992 (h...

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Complaints lodged in SCORES system & related correspondence, can be accessed online

Avinash Chandra Trivedi Vs CPIO (SEBI Appellate Authority) - Avinash Chandra Trivedi Vs CPIO (SEBI Appellate Authority) It is observed that the Action History of the complaint reveals the action taken and the date-wise progress disposal of the complaint. It is understood that all the complaints which are lodged in the SCORES system and the related corresponde...

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Credit Rating of Securities – Jindal Power Ltd. Vs ICRA Ltd

Jindal Power Ltd. v. ICRA Ltd. (Delhi High Court) - Jindal Power Ltd. v. ICRA Ltd. (Delhi High Court) In order to protect the interest of investors and help them make an informed decision, SEBI has made credit rating of securities offered by Indian companies by way of public or rights issues to be mandatory.  The rating signifies the ability and wil...

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SEBI clarifies on NAV for the switch in transaction

Notification No. SEBI/H0/1MD/DF2/0W/P/2020/20589/1 - (27/11/2020) - As the NAV for the switch out (redemption/repurchase) transaction in a liquid scheme for the request received before the cut-off timing on Friday or on a day preceding a non-business day would be the closing NAV of the day immediately preceding the next business day, therefore, the NAV applicable fo...

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SEBI extends regulatory compliance timelines for trading/clearing members

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/235 - (01/12/2020) - In view of the prevailing situation due to Covid-19 pandemic and representation received from the Stock Exchanges, it has been decided to extend the timelines for compliance with the following regulatory requirements by the trading members / clearing members, as under:...

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SEBI Chairman launches Securities Market Trainers (SMARTs) Program

Press Releases No. 58/2020 - (25/11/2020) - Shri Ajay Tyagi, Chairman, SEBI launched the Securities Market Trainers (SMARTs) progamme in Mumbai today. The SMARTs programme is a new initiative of SEBI for enhancing the Investor Education activities. Shri G. Mahalingam, Whole Time Member, Executive Directors and other officials of SEBI attended...

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Introduction of ‘Flexi Cap Fund’ as a new category under Equity Schemes

Circulars No. SEBI/HO/IMD/DF3/CIR/P/2020/228      - (06/11/2020) - In order to give more flexibility to the mutual funds and taking into account the recommendations of Mutual Fund Advisory Committee (MFAC), a new category named Flexi Cap Fund under Equity Schemes will be available with the following scheme characteristics....

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Guidelines for rights issue of units by an unlisted InvIT

Notification No. SEBI/HO/DDHS/DDHS/CIR/P/2020/223 - (04/11/2020) - Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In order to enable unlisted InvITs to raise further funds, it has been decided to provide a mechani...

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Recent Posts in "SEBI"

Consultation Paper on ‘Review of NCDs alongwith warrants’ under QIP

Review of the ‘NCDs along with warrants’ as a staple product and as a segregated product, offered through Qualified Institutional Placement under SEBI  (Issue of Capital and Disclosure Requirements) Regulations, 2018...

Read More
Posted Under: SEBI |

SEBI clarifies on NAV for the switch in transaction

Notification No. SEBI/H0/1MD/DF2/0W/P/2020/20589/1 (27/11/2020)

As the NAV for the switch out (redemption/repurchase) transaction in a liquid scheme for the request received before the cut-off timing on Friday or on a day preceding a non-business day would be the closing NAV of the day immediately preceding the next business day, therefore, the NAV applicable for the coinciding switch in (subscription...

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SEBI extends regulatory compliance timelines for trading/clearing members

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/235 (01/12/2020)

In view of the prevailing situation due to Covid-19 pandemic and representation received from the Stock Exchanges, it has been decided to extend the timelines for compliance with the following regulatory requirements by the trading members / clearing members, as under:...

Read More

NDTV Promoters Prannoy & Radhika Roy Guilty Of Insider Trading: SEBI

In Re. Mr. Prannoy Roy & Mrs. Radhika Roy (SEBI)

In Re. Mr. Prannoy Roy & Mrs. Radhika Roy (SEBI) It is a fact on record that Mr. Prannoy Roy was the Managing Director/Promoter and Mrs. Radhika Roy was the Chairman/Promoter of NDTV during the UPSI period and were in possession of the UPSI (PSI-6). That the Noticees have purchased 4835850 shares of NDTV while […]...

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Posted Under: SEBI | |

Brief Executive Summary of SEBI (ILDS) Regulations, 2008

A business may require funds from time to time to expand and/or diversify its operations. It may resort to a variety of financial resources, initially broken into two broad categories, debt and equity. 'Debt' involves borrowing money to be repaid, plus interest, while "equity" involves raising money by selling interests in the company....

Read More
Posted Under: SEBI |

SEBI Chairman launches Securities Market Trainers (SMARTs) Program

Press Releases No. 58/2020 (25/11/2020)

Shri Ajay Tyagi, Chairman, SEBI launched the Securities Market Trainers (SMARTs) progamme in Mumbai today. The SMARTs programme is a new initiative of SEBI for enhancing the Investor Education activities. Shri G. Mahalingam, Whole Time Member, Executive Directors and other officials of SEBI attended the launch function. The individuals wh...

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Report on disclosures pertaining to analyst meets, investor meets & conference calls

The issue of information asymmetry between various classes of investors arising out of limited disclosures in respect of analyst meets/ institutional investors meet/ conference calls was discussed by Primary Markets Advisory Committee (PMAC) in the meeting in July, 2020....

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Posted Under: SEBI |

Consultation Paper on Review of requirement of Minimum Public Offer for large issuers

The objective of this consultation paper on Review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957 is to seek comments/ views from the public and market intermediaries on Review of requirement of Minimum Public Offer to large issuers in terms of Securities Contracts (Regu...

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Posted Under: SEBI |

SEBI Consultation Paper on Applicability & role of Risk Management Committee

Considering the multitude of risks faced by listed entities, risk management has emerged as a very important function of the board. The Covid-19 pandemic has also reinforced the need for a robust risk management framework....

Read More
Posted Under: SEBI |

Rights issue of units by an unlisted Infrastructure Investment Trust (InvIT)

Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the InvIT ...

Read More
Posted Under: SEBI |

Compliances for Listed Companies with Respect to Companies Came Under the Ambit of IBC, 2016

The Companies which are listed on stock exchanges has to mandatorily comply with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2018 or SEBI (LODR). These companies needs to comply with the Quarterly/half yearly/annual and general compliances under SEBI Listing Regulations (LODR), ...

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Posted Under: SEBI |

Guidelines for issue of Units by an Unlisted Infrastructure Investment Trust (InvIT)

1. Relevant Circular – SEBI Circular SEBI/HO/DDHS/DDHS/CIR/P/2020/223 2. Relevant Date – 4th November 2020 3. Relevant Chapter – Chapter VIA 4. Relevant Regulation SEBI (Infrastructure Investment Trusts) Regulations, 2014 5. Purpose of the Circular –  To enable Unlisted InvITs to raise further funds through right ...

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Posted Under: SEBI |

Introduction of ‘Flexi Cap Fund’ as a new category under Equity Schemes

Circulars No. SEBI/HO/IMD/DF3/CIR/P/2020/228      (06/11/2020)

In order to give more flexibility to the mutual funds and taking into account the recommendations of Mutual Fund Advisory Committee (MFAC), a new category named Flexi Cap Fund under Equity Schemes will be available with the following scheme characteristics....

Read More

Guidelines for rights issue of units by an unlisted InvIT

Notification No. SEBI/HO/DDHS/DDHS/CIR/P/2020/223 (04/11/2020)

Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In order to enable unlisted InvITs to raise further funds, it has been decided to provide a mechanism for raising of funds by unlisted InvI...

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Creation of Security in issuance of listed debt securities & ‘due diligence’ by debenture trustee(s)

Notification No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/218 (03/11/2020)

Regulation 13 of the DT Regulations stipulates that the debenture trustee shall enter into a written agreement with the Issuer before the debenture trustee agrees to act as debenture trustee in respect of the said issue of debt securities....

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SEBI Chairman interacts with investors and other stakeholders from USA

Press Releases No. 57/2020 (28/10/2020)

Securities and Exchange Board of India Press Releases No. 57/2020 SEBI Chairman interacts with investors and other stakeholders from USA; Participants emphasize need for early finalization of direct listing scheme, development of Corporate Bond market and further reforms in IPO regulations Shri Ajay Tyagi, Chairman, SEBI along with other ...

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Portfolio Managers – Frequently Asked Questions

A portfolio manager is a body corporate, which, pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or goods or funds of the client....

Read More
Posted Under: SEBI |

SEBI imposes Rs. 5 Lakh Penalty for non-genuine trading in Illiquid Stock Options

In respect of Pradeep Kumar Kayan (SEBI)

SEBI conducted an investigation into the trading activities of certain entities in Illiquid Stock Options at BSE  for the period April 1, 2014 to September 30, 2015. It was observed that during the investigation period, total 2,91,643 trades comprising substantial 81.38% of all the trades executed in Stock Options Segment of BSE were fou...

Read More
Posted Under: SEBI | |

Challenges faced in leverage buyout model by Private Equity firms in India

Private Equity investments have played a major role in corporate growth on a global level. Private Equity firms (PE firms) have usually invested in companies through the financial strategy of Leverage Buyout. However, these firms have to adopt a hybridised and customised model to deal with the ubiquitous role of complex investment regulat...

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Posted Under: SEBI |

Plea for extension of date for SEBI Settlement Scheme

For News Plea for extension of date for SEBI Settlement Scheme SEBI had introduced a Settlement Scheme, 2020, which provides onetime settlement during the period from 1st August, 2020 and the concluding date is  31st October 2020, to provide one time settlement opportunity to the entities which have executed trade reversals in the stock ...

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Posted Under: SEBI |

Is SMAIT a Trust registered as an AIF qualify as Qualified Buyer?

SEBI/F10/IMD/OF6/0W/KAS/2020/17875 (26/10/2020)

The existing SEBI norms limit Qualified Buyers only to those AlFs which are body corporate. Since SMAIT (the Fund) is a Trust registered as an AIF will SMAIT (the Fund) also qualify as Qualified Buyer and can invest/ acquire Security Receipts?...

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SAT Quashes SEBI’s penalty of Rs. 20 lakhs on DHFL

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal)

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal) 1. The present appeal has been filed questioning the legality and validity of the order dated 29th May, 2020 passed by the Adjudicating Officer under section 15-1 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’...

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Extend SEBI Settlement Scheme, 2020 till 31.03.2021 & Relax Provisions

Direct Taxes Professionals’ Association, Kolkata has made a Representation on the Settlement Scheme-2020 introduced in terms of Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018 vide Public Notice dated July 27, 2020. Text of the representation is as follows:- Date: 22.10.2020 To, Shri Ajay Tyagi, IAS Chairman, Securi...

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Posted Under: SEBI |

Registration For Alternative Investment Fund (AIF)

No entity or person shall act as an Alternative Investment Fund (AIF) unless it has obtained a certificate of registration from the Board (Securities and Exchange Board of India). Alternative Investment Fund shall seek registration in one of the categories mentioned hereunder: CATEGORY CATEGORY I AIF CATEGORY II AIF CATEGORY III AIF Prima...

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Posted Under: SEBI |

Whether a BRLM can share bidding data available on website of stock exchanges for IPO?

CFD/DI L-1/OW/2020/17828/1 (23/10/2020)

i. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock exchanges for IPO, Rights issue, and FPO of specified securities and units with the investors, during the bidding period; ii. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock...

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AMFI Guidance on MFD Nomenclature

After the notification of the SEBI Investment Adviser (Amendment) Regulations, 2020 on 3rd July, 2020, the Association of Mutual Funds in India (“AMFI”) has issued guidance regarding nomenclature to be used by Registered Mutual Fund Distributor. As per the said Regulations, no distributor shall use the nomenclature “Independent Fina...

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Posted Under: SEBI |

SEBI Guidelines for Data Sharing

Data- In the context of Data Sharing policy, Data consists of all the information both structured and unstructured collected and reported in various databases of Securities and Exchange Board of India (SEBI). Data refers to raw data only. Any kind of secondary data are not to be considered as data under this policy....

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Posted Under: SEBI |

Analysis of Amendment in SEBI Guidelines for Investment Advisers

Securities and Exchange Board of India (SEBI) has notified Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 on 21st January, 2013 and amended from time to time. SEBI, after considering the inputs from public consultation, reviewed the framework for regulation of Investment Advisers (IA) and in exercise of the...

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Posted Under: SEBI |

PACL investors with claims upto ₹ 7000 can claim till 31.10.2020

NA (15/10/2020)

The Committee has vide Public Notice dated July 21, 2020 also provided similar facility to the investors with claim amount between Rs 5001/- and Rs 7000/-and accordingly, the web-portal was made operational from August 01, 2020. The last date for accepting such rectified application is October 31, 2020....

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Regulation of Inter-transfer Mutual Fund Norms by SEBI

The Securities and Exchange Board of India (SEBI) on Oct 8, 2020, has stiffened Inter-scheme transfer (IST) rules for mutual funds for the purpose of ensuring safety to the investors’ interest and will be likely to be effective from January 1, 2021. SEBI has tightened MF norms on inter-scheme transfers (ISTs) by imposing certain co...

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Posted Under: SEBI |

FAQs on SEBI (PIT) Regulations 2015

Whether requirement of pre-clearance is applicable for exercise of employee stock options? Whether trading in ADRs and GDRs by employees of Indian companies who are foreign nationals is covered under provisions of PIT Regulations on code of conduct?...

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Posted Under: SEBI |

SEBI’s consultation paper on LODR Regulations – Its impact on listed entities

Corporate Governance is one of the important pillars for managing a corporate entity. It ensures transparency and ethical behavior in dealing with laws, procedures and practices while making informed managerial decisions for the benefit of all the stakeholders....

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Posted Under: SEBI |

SEBI (IFSC) Guidelines, 2015 Amendments- Analysis

SEBI UPDATES SEBI (IFSC) Guidelines, 2015 Amendments 1. Relevant Circular & Date :  SEBI/HO/MRD2/DCAP/CIR/P/2020/149 Dated 07th August 2020 2. Link to the SEBI (IFSC) Guidelines, 2015: https://taxguru.in/sebi/sebi-international-financial-services-centres-guidelines-2015.html 3. Object  of the Circular: To streamline the operations a...

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Posted Under: SEBI |

Arbitrage Funds-Safe & Most Tax Proficient Investment tool for Contingent Funds

Meaning, Modus operandi, and SEBI mandate of Arbitrage Funds  Arbitrage is the process of simultaneous buying and selling of financial instruments from different platforms, exchanges, or locations to cash in on the price difference (usually small in percentage terms). While getting into an arbitrage trade, the quantity of the underlying ...

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Posted Under: SEBI |

Product Labeling in Mutual Fund schemes – Risk-o-meter

SEBI/HO/IMD/DF3/CIR/P/2020/197 (05/10/2020)

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2020/197  October 05, 2020 All Mutual Funds/ Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds/ Association of Mutual Funds in India (AMFI) Sir/ Madam, Subject: Product Labeling in Mutual Fund schemes – Risk-o-meter 1. Please ref...

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Disclosures for Inter-se Transfer between Promoters

The following are the Disclosures under Regulation 10(5), 10(6) and 10(7) – Intimation/reporting to Stock Exchanges in respect of acquisition under Regulation 10(1)(a) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Regulation 7 (2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 Regulations 1...

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Posted Under: SEBI |

Automation of Continual Disclosures under Insider Trading Regulation

 SEBI Circular, SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 09, 2020:  Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 – System driven disclosures:  Purpose: Purpose of this Circular is to automates the disclosure requirements under 7(2) of SEBI (Prohibition ...

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Posted Under: SEBI |

Summary of SEBI Circular titled ‘Guidelines for Investment Advisers’

So, finally a long wait is over as SEBI has come out with the Circular just a Week before the applicability of the new regulations. A Circular was expected from SEBI since the notification of new IA Regulations on 3rd July, 2020 to provide clarifications on certain points. Hence, SEBI has issued the Circular No. […]...

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Posted Under: SEBI |

Excerpts from SEBI Investment Advisers Guidelines

SEBI has come out with detailed guidelines for Investment Advisers on September 23, 2020. Although the guidelines are more or less on the expected lines as most of the terms were already published in 4th consultation paper, SEBI has, vide this guidelines, provided detailed modus operandi as to client level segregation, transition from ind...

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Posted Under: SEBI |

SEBI Chairman’s Address at 25th AGM of AMFI

Ladies and Gentlemen, a very good morning to all of you. I would like to thank AMFI for giving me this opportunity to address their 25th AGM. Leaving aside the limitations of a virtual mode of address, I will try to share my thoughts with you on the Mutual Fund industry at this crucial time....

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Posted Under: SEBI |

Britannia Industries settles Alleged due diligence Case with SEBI

The Capital Market Regulator on 19th Sept 2020 has settled a case related to default in due diligence in the Britannia Industries and passed a final order to pay over Rs. 46 lakh towards settlement charge to markets regulator SEBI to resolve such alleged failure to carry out due diligence before giving effect to “Transmission of sha...

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Posted Under: SEBI |

Revision of NAV rules for mutual funds

The Securities and Exchange Board of India (SEBI) has ordered mutual funds to apply the Net Asset Value (NAV) rules consistently across all schemes upon the realisation of funds. The Capital market regulator has also stiffened rules on the processes that fund managers will be required to follow by buying shares. Such rules shall be ef...

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Posted Under: SEBI |

SEBI constitutes Technical group on Social Stock Exchange

Press Releases No. 50/2020-SEBI (21/09/2020)

The Working Group (WG) on Social Stock Exchange (SSE), chaired by Shri Ishaat Hussain submitted its report1 on June 01, 2020. The WG has outlined its vision and made high level recommendations which include participation of Non-profit organizations (NPOs) and For-profit enterprises (FPEs) on SSE subject to committing to minimum reporting ...

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Extension of Time to submit comments on Formats for Business Responsibility & Sustainability Reporting

SEBI had placed the formats for Business Responsibility and Sustainability Reporting, for public consultation on its website on August 18, 2020, seeking comments by September 18, 2020. In view of the impact of the CoVID-19 pandemic, it has been decided to extend the timelines for seeking public comments to October 18, 2020. The comments m...

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Posted Under: SEBI |

SEBI Settlement Scheme, 2020 – FAQs & answers

The Securities Exchange Board of India has introduced a Settlement Scheme, 2020 vide Public Notice dated July 27, 2020, in terms of Regulation 26 of the SEBI (Settlement Proceedings) Regulations 2018. The purpose of the Scheme is to provide a one-time opportunity for settlement to the entities that have executed reversal trades in the sto...

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Posted Under: SEBI |

Recent Amendments in Multi CAP Funds

S.E.B.I being the regulator of CAPITAL MARKET issued a circular dated 11-September-2020 brought the change in the MULTI-CAP SCHEME of Mutual funds. Let us know what does multi-cap scheme is all about and the new changes introduced regarding this scheme. Definition of Large Cap, Mid Cap and Small Cap Companies : SEBI has, vide its [&hellip...

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Posted Under: SEBI |

Changes/ Amendments to SEBI (Prohibition of Insider Trading) Regulations, 2015

Background: – SEBI has vide Circular no. SEBI/LAD-NRO/GN/2020/23 dated 17th July 2020 and circular No. SEBI/HO/ISD/ISD/CIR/P/2020/135 dated 23rd July 2020, notified and amended certain regulations as well as certain clauses of the Schedules and Formats of the SEBI (Prohibition of Insider Trading) Regulations, 2015. (PIT Regulations...

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Posted Under: SEBI |

SEBI Regulation- Changing Landscape of Investment Advisory

SEBI (Investment Advisers) (Amendment) Regulations, 2020– Changing Landscape Of Investment Advisory Being a financial advisor is not easy, specially in the current situation when the coronavirus pandemic and containment measures have plunged the global economy into deep contraction. Investment advisory fraternity is not only engagin...

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Posted Under: SEBI |

SEBI Amendments on Assets Allocation of Multi Cap Funds

As per the existing circular of SEBI on assets allocations under the category of Multi-Cap Funds category, the fund manager was free to choose the asset allocation as per his wisdom, the fund managers of Multi-Cap Funds were running these schemes more or less akin to the large-cap funds....

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Posted Under: SEBI |

Review of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

NA (11/09/2020)

Securities and Exchange Board of India Consultation Paper dated 11th September 2020 on review of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 for Public Comments Review of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 A. Objective To solicit public comments / views on the proposed amen...

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SEBI- Changes in Investment Advisers business practice w.e.f. 01.10.2020

Changes in Investment Advisers business practise purusant to SEBI amendment w.e.f. 01 Octoebr 2020 As you all are aware that SEBI has come out with amendment in IA regulation through notification dated July 03, 2020 which require great amount of shift in existing IA business practice. The new IA amendment regulation talks about enhanced q...

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Posted Under: SEBI |

Operating Guidelines for Portfolio Managers in IFSC

Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/169 (09/09/2020)

Based on the representations received from various stakeholders, it has been decided to put in place ‘Operating Guidelines for Portfolio Managers in IFSC’. The same is annexed herewith....

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Share based employee benefits – Regulatory aspects

Human Capital is a pivotal pillar for the prosperity of a company. With the growing economy and increase in opportunities, it has become essential for the companies to come out with beneficial remuneration schemes to retain their senior employees as well as attract superior talents. The Employee benefit schemes have become leading channel...

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Posted Under: SEBI |

Complaints lodged in SCORES system & related correspondence, can be accessed online

Avinash Chandra Trivedi Vs CPIO (SEBI Appellate Authority)

Avinash Chandra Trivedi Vs CPIO (SEBI Appellate Authority) It is observed that the Action History of the complaint reveals the action taken and the date-wise progress disposal of the complaint. It is understood that all the complaints which are lodged in the SCORES system and the related correspondence, can be accessed online on SCORES we...

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Guidelines for Appointment of IPs as Administrators under SEBI Regulations

Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018...

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Posted Under: SEBI |

Credit Rating of Securities – Jindal Power Ltd. Vs ICRA Ltd

Jindal Power Ltd. v. ICRA Ltd. (Delhi High Court)

Jindal Power Ltd. v. ICRA Ltd. (Delhi High Court) In order to protect the interest of investors and help them make an informed decision, SEBI has made credit rating of securities offered by Indian companies by way of public or rights issues to be mandatory.  The rating signifies the ability and willingness of the issuer […]...

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Public Shareholding norms for companies reviving out of Insolvency

The market regulator has proposed relaxing norms pertaining to 25 percent minimum public shareholding for companies that undergo corporate insolvency resolution process and seek to relist afterward. SEBI’s proposal comes from the insolvency proceedings of Ruchi Soya Industries extreme share price movement after the company went thro...

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Posted Under: SEBI |

Format of Advance Intimation of Board Meeting

Name of the Company Address of the registered office Email ID: ——————–, CIN: ———————–, Website: ————————- ADVANCE INTIMATION OF BOARD MEETING Notice is hereby given pursuant to Regulation 47(1) (a) SEBI...

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Posted Under: SEBI |

Recalibration of threshold for Minimum Public Shareholding norms, enhanced disclosures in CIRP cases

.The objective of this discussion paper is to seek comments / views from the public and market intermediaries on Recalibration of threshold for Minimum Public Shareholding norms (MPS) in companies which undergo Corporate Insolvency Resolution Process (CIRP) and seek relisting of its shares pursuant to implementation of the approved resolu...

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Posted Under: SEBI |

FAQs on SEBI (Buy-Back of Securities) Regulations, 2018

What is the manner in which the company can buy back its own shares? Can a company buyback its shares without passing shareholders’ resolution? Where can one get details of companies proposing to buyback their shares?...

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Posted Under: SEBI |

From BRR to BRSR: Road ahead for sustainability reporting by businesses

A business entity incorporated with an objective to earn profits has certain responsibilities towards its stakeholders. These stakeholders may include investors, employees, suppliers, customers etc. The stakeholders track the developments in the company by means of the disclosures which such incorporated entities are mandated to make unde...

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Posted Under: SEBI |

Statutory Auditors Resignation from Listed Entities & their Material Subsidiaries

In recent times, frequent resignations by the Auditors raised eye brow often due to lack of co-ordination, non-availability of information etc. In view of the same, the SEBI has issued specific norms for procedure of Resignation as well as Appointment of Statutory Auditors for listed entity to hold accountability of outgoing as well as in...

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Posted Under: SEBI |

Restriction on communication and trading by insiders- SEBI (Prohibition of Insider Trading) Regulation, 2015

The SEBI (PIT) Regulation provided for the restriction regarding the communication of the of Unpublished price sensitive information, so that no one can take undue advantage of such information to trade in securities to earn unmerited profit. Further, the regulation bars the insiders to trade in the securities of the company, as they may ...

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Posted Under: SEBI |

Consultation Paper on Format for Business Responsibility & Sustainability Reporting

Securities and Exchange Broad of India CONSULTATION PAPER ON THE FORMAT FOR BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING Dated: August 18, 2020 – Reports : Reports for Public Comments A. Background 1. SEBI, in 2012, mandated the top 100 listed entities by market capitalisation to file Business Responsibility Reports (BRR) as...

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Posted Under: SEBI |

Compliances under SEBI Listing Regulations 2015 (LODR)

Quarterly / Half Yearly / Annual Compliances under SEBI Listing Regulations 2015 (LODR) 1. Regulation 7 (3) – Compliance Certificate certifying maintaining physical & electronic transfer facility Within one month of end of each half of the financial year. The listed entity shall submit a compliance certificate to the exchange, duly ...

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Posted Under: SEBI |

Quarterly/Half Yearly/Annual Compliances under SEBI LODR 2015

Quarterly / Half Yearly / Annual Compliances under SEBI Listing Regulations 2015 (LODR) Securities and Exchange Board of India (SEBI) on 2nd September 2015 issued the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 for listed entities. The Listed entities whose securities are listed on the Stock Exchanges has to co...

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Posted Under: SEBI |

Handling of SCORES complaints by stock exchanges & SOP for non-redressal of grievances by listed companies

Analysis of SEBI Circular No. SEBI/HO/OIAE/IGRD/CIR/P/2020/152 dated August 13, 2020 which is effective from 01st September 2020 related to Handling of SCORES complaints by stock exchanges and Standard Operating Procedure (SOP) for non-redressal of grievances by listed companies. ♦ Background: > This circular is being issued in conti...

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Posted Under: SEBI |

Reclassification of Promoters & Promoter Group Shareholders

Reclassification of Promoters and Promoter Group Shareholders: SEBI has issued SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (“SEBI LODR Regulations”) on September 2, 2015. In that Regulations, Regulation 31A defines the shareholders reclassification from the promoter’s category to public category or vi...

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Posted Under: SEBI |

SEBI SOP- Handling of complaints by stock exchanges & Action for failure to redress investor complaints

Circulars No, SEBI/HO/OIAE/IGRD/CIR/P/2020/152 (13/08/2020)

Investor grievances redressal mechanism – Handling of SCORES complaints by stock exchanges and Standard Operating Procedure for non-redressal of grievances by listed companies....

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SEBI (IFSC) Guidelines, 2015 Amendments

1.  Eligibility criteria and shareholding limit for Clearing Corporation : 1. Any Clearing corporation or 2.  any Indian recognized stock exchange or 3. Any clearing corporation of  a foreign jurisdiction Shall form a subsidiary which provide the service of clearing corporation in IFSC wherein at least 51% of paid up share cap...

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Posted Under: SEBI |

Processing of complaints only through scores: SEBI

NA (11/08/2020)

On June 8, 2011, SEBI commenced a web based centralized grievance redress system called as SEBI Complaints Redress System or SCORES. SCORES is a platform designed to help investors to lodge their complaints online with SEBI, pertaining to securities market, against listed companies, SEBI registered intermediaries and SEBI recognized Marke...

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Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 as per notification – 17th July, 2020

Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 as per notification – 17th July, 2020 SEBI has issued a notification dated 17th July, 2020 on Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 effective from aforesaid date. We give below a summary of the major amendments, for your information: ...

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Posted Under: SEBI |

Alternative Investment Funds: Indian Experiments & Way Forward with Tax Efficiency

To enable ease of doing business, the taxation framework for Alternative Investment Funds (AIF) provide pass-through status to profits of the AIF (Category I and Category II) to the investors under which any income, barring business income, earned by AIFs would be exempt in the hands of such AIFs, and taxable directly in the hands of its ...

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Posted Under: SEBI |

SEBI (Prohibition of Insider Trading) Regulation, 2015

The regulation was notified on 15.01.2015 and came into effect on the 120th day after being notified i.e 15.05.2015 In general terms Insider trading is defined as, ‘the illegal practice of trading on the stock exchange to one’s own advantage through having access to unpublished price sensitive information.’ Section 195 o...

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Posted Under: SEBI |

Provision of Escrow under SEBI (SAST) Regulations, 2011

Provision of Escrow under SEBI (SAST) Regulations, 2011 1. Regulation 17(1)  Not later than 2 working days prior to the DPA of open offer for acquiring shares, the acquirer shall create an escrow account in respect of security for performance of his obligations under these regulations and deposit in the escrow account amount as such. [&h...

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Posted Under: SEBI |

SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/25 (05/08/2020)

1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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Clarify use of digital signatures on filing with stock exchanges: ICSI

THE INSTITUTE OF Company Secretaries of India IN PURSUANT OF PROFESSIONAL EXCELLENCE Statutory body under an act of parliament (Under the jurisdiction of Ministry of Corporate Affairs) ICSI:PFP: 2020 July 29, 2020 Ms. Barnali Mukherjee Chief General Manager Corporate Finance Department Securities and Exchange Board of India SEBI Bhavan, P...

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Posted Under: SEBI |

Conditional & Competing offers under SEBI (SAST) Regulations 2011

Conditional Offers 1. Regulation 19(1) Acquirer may make offer which is conditional as to the minimum level of acceptance; 2. Proviso to Regulation 19(1) Where an open offer is subject to an agreement such agreement shall stipulate a condition to the effect that in the event the desire level of acceptance of open offer not […]...

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Posted Under: SEBI |

Steps to be followed after filling Letter of offer with SEBI

Steps to be followed after filling Letter of offer with SEBI under SEBI (SAST) Regulations 2011 1 Regulation 18(1) After filling the draft letter offer with SEBI under regulation 16(1), the acquirer shall send a copy of draft letter of offer to target company at its registered office address and to all the stock exchanges […]...

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Posted Under: SEBI |

Publication of PA & Letter of offer SEBI (SAST) Regulation, 2011- Part-V

1.  Regulation 14(1)  The PA shall be sent to all the stock exchange where the shares of the Target company are listed, and the stock exchange immediately communicates such information to the public. 2. Regulation 14(2)  The PA shall be send to Board and to the target company at its registered office within 1 working day of […...

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Posted Under: SEBI |

Open offer process under SEBI (SAST) Regulations 2011

SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 – [SEBI (SAST) Regulations 2011] 1. Regulation 12(1) Before PA, acquirer shall appoint a Merchant Banker, who is not associate of the acquirer, as manager to open offer. 2. Regulation 12(2) The Acquirer through such manger to open offer shall made the PA of ope...

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Posted Under: SEBI |

Collection & Reporting of Margins by TM/CM in Cash Segment

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/146 (31/07/2020)

If TM / CM collects minimum 20% upfront margin in lieu of VaR and ELM from the client, then penalty for short-collection / non-collection of margin shall not be applicable. However, it is reiterated that Clearing Corporation shall continue to collect the upfront margin from the TM / CM based on VaR and 2.2 The penalty provision for sho...

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FAQs on One Time SEBI Settlement Scheme, 2020

Frequently Asked Questions on the SEBI Settlement Scheme, 2020 – One Time Settlement Scheme issued by the Securities Exchange of India on 27th July, 2020....

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Posted Under: SEBI |

Modes of Payments under SEBI (SAST) Regulations 2011

1. Regulation 9(1) The payment of offer price shall be made in; a. Cash; b. by issue or transfer, or exchange of listed shares in the equity capital of the acquirer or PAC with him; c. by issue or transfer, or exchange of listed shares in the equity capital of the acquirer or PAC with […]...

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Posted Under: SEBI |

Guidance Note on SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015

NA (29/07/2020)

In terms of Regulation 29 of the Municipal Regulations, Guidance Note on SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 is being provided for benefit of Issuers and market participants....

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SEBI (SAST) Regulations, 2011- Part-II

Substantial Acquisition of shares, Voting Rights or Control under SEBI (SAST) Regulations, 2011 Offer Size 1. Regulation 7(1) Minimum offer size shall be 26% of the total shares of the Target Company. Open offer under regulation 3, 4  for this min. offer size shall be made as on the 10th working day from the closure of the […]...

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Posted Under: SEBI |

Analysis of Amendments To SEBI Takeover Code In Light of Covid-19

1. INTRODUCTION The Takeover Activity has significantly diminished since the outbreak of the pandemic, in addition to the added challenge of uncertainty posed to buyers, target company and investors by COVID-19. Consequently, leading to the decrease in share prices of many public companies worldwide, with businesses facing unpredictabilit...

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Posted Under: SEBI |

Amendment in SEBI (Prohibition of Insider Trading) Regulations, 2020

Securities and Exchange Board of India has again amended the Prohibition of Insider Trading, Regulations 2020 issuing the circular on 17 July 2020. Read – SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2020 The Main Amendments are in relation of Digital Structure Database, Marinating of Records of UPSI, Transfer of a...

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Posted Under: SEBI |

Crowdfunding in India

Crowdfunding refers to the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the Internet. The objective for raising such funds could be projects such as films, music, business ventures, or public interest causes. Small financial contributio...

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Posted Under: SEBI |

SEBI (SAST) Regulations, 2011- Part-I

Substantial Acquisition of shares, Voting Rights or Control under SEBI (SAST) Regulations, 2011 Substantial Acquisition of shares voting rights 1. Regulation 3(1) No acquirer, in any target company, shall a acquire shares or voting rights which taken together with shares or voting rights, if any, held by him and any PAC in such target com...

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Posted Under: SEBI |

Issue of SEBI Guidelines To All Mutual Funds In India

Acknowledging the fact that the securities market including mutual funds were worst hit by the impact of COVID-19, the Securities and Exchange Board of India (SEBI) has made an announcement having the effect of increasing obligation on such MFs. Accordingly, the mutual funds in India shall be required to embark on their secondary ma...

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Posted Under: SEBI |

SEBI Settlement Scheme 2020 – One time Settlement scheme

NA (27/07/2020)

SEBI Settlement Scheme 2020 proposes to provide a onetime settlement opportunity to the entities that have executed trade reversals in the stock options segment of BSE during the period from April 1, 2014 to September 30, 2015 against whom any proceedings are pending....

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SEBI extends Takeover and Buy-back Relaxations

Circular No. SEBI/HO/CFD/DCR2/CIR/P/2020/139 (27/07/2020)

Based on the representations received from the market participants, the validity of relaxations, as provided by Circular No. SEBI/CIR/CFD/DCR1/CIR/P/2020/83 dated May 14, 2020 is further extended and shall be applicable for open offers and buy-back through tender offers opening upto December 31, 2020....

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Penalty for non-compliance of Regulation 30 of SEBI (LODR) Regulations, 2015

Penalty for non-compliance of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 SEBI had  issued  various Circulars from time to time, specifying the uniform structure for imposing fines for non-compliance with certain  provisions  of  the  Listing  Regulations  and the Standard  Operating ...

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Posted Under: SEBI |

Composition of Board of Director – LODR & Companies Act 2013

Minimum / Maximum Number of Directors in a Company- Under Section 149 -Section 149 of the Companies Act, 2013 requires that every company shall have a minimum number of 3 directors in the case of a public company, 2 directors in the case of a private company, and 1 director in the case of a […]...

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Posted Under: SEBI |

Understanding Amendments to Insider Trading Regulations July 2020

Understanding Changes/ Amendments to SEBI (Prohibition of Insider Trading) Regulations, 2015. – July 2020 SEBI has vide notification dated 17th July 2020, notified the Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2020. The amendment regulations amend certain regulations as well as cert...

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Posted Under: SEBI |

SEBI – Latest guidelines on Commodity Derivatives Market

SEBI has compiled all its instructions by a master circular under the topic “Commodity Derivatives Market”, a compendium of usage to all dealing with share markets in India and abroad. Containing 15 chapters as per the details given below, it is a treasure hove requiring frequent reference by all investors, debenture holders, foreign ...

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Posted Under: SEBI |

SEBI Compliance Calendar of Listed Companies

Compliance Calendar of Listed Companies – Quarterly, Half Yearly, Annually & General Compliances The Companies which are listed on stock exchanges has to mandatorily comply with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2018 or SEBI (LODR). In this article, we shall...

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Posted Under: SEBI |

Prohibition of Insider Trading

SEBI (Prohibition of Insider Trading) Regulations, 2015 The listed entity has to ensure that they adhere to the policy of Insider Trading at all times.  In these days we witness no.of such cases pertaining to the involvement of Senior Management personnel itself. The defenses mechanism adopted by the violator is ignorance of policy in pl...

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Posted Under: SEBI |

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